Naira To Dollar Black Market Rate Today 16th June 2023

Dollar To Naira Black Market Rate Today 16th June 2023 (USD to NGN) The black market exchange rate between the US dollar and the Nigerian naira is a complex and intriguing topic. It refers to the unofficial trading of currencies outside regulated systems. The dollar to naira black market exchange rate is influenced by factors

Dollar To Naira Black Market Rate Today 16th June 2023 (USD to NGN)

The black market exchange rate between the US dollar and the Nigerian naira is a complex and intriguing topic. It refers to the unofficial trading of currencies outside regulated systems. The dollar to naira black market exchange rate is influenced by factors like demand, supply, economic conditions, government policies, and speculation.

It is important to note that engaging in black market transactions carries risks and potential legal consequences. Monitoring the black market rate can provide insights, but it is advisable to use official channels for currency transactions to ensure compliance and minimize risks.

Dollar to Naira is How Much?

According to currency dealers in Abuja Zone 4 market, Lagos, Nigeria, the exchange rate for the US dollar today stood at ₦‎760 for buying and ₦‎750 for selling. This marks a stability from the previous day’s rate of ₦‎750. It’s worth noting that exchange rates can fluctuate due to various economic factors, and it’s important to stay updated and consult authorized sources for the most accurate rates.

How Much Is Dollar To Naira Exchange Rate Today?

Please take a moment to familiarize yourself with the current and precise exchange rate between the US dollar and the Nigerian Naira in the black market today. This information encompasses the rates applicable in Lagos, Nigeria, covering the Naira Black Market rates, Bureau De Change (BDC) rates, as well as the rates set by the Central Bank of Nigeria (CBN). Stay informed to make informed currency exchange decisions.

The exchange rate for a dollar to naira at Lagos and Abuja Parallel Market (Black Market) sees the players buy a dollar for N750 and sell at N760 on Friday, 16th June, 2023, according to sources at Bureau De Change (BDC).

Dollar to Naira Exchange Rate at Black Market

Here is the up-to-date exchange rate for the US dollar to the Nigerian Naira in the current black market. These rates are provided by Bureau De Change (BDC) operators in Lagos for both buying and selling United States Dollars (USD) in the unofficial parallel market. Stay informed about the prevailing rates for your currency exchange needs.

The local currency (AbokiFX) opened at ₦750 per $1 at the parallel market otherwise known as the black market, today, Friday, June 16, 2023, in Lagos Nigeria, after it closed at ₦750 per $1 on Thursday, June 15, 2023.

How much is $1 dollar in Naira now?

In the current black market, the exchange rate for the US dollar stands at a buying rate of ₦760/$1, while the selling rate for the Nigerian Naira is ₦750/$1. Stay updated on these rates to make informed currency transactions.

Dollar (USD) to Naira (NGN) Black Market Dollar to Naira

ItemsPrice (₦)
Buying Rate₦750
Selling Rate₦760
Black market dollar to Naira rate today

Dollar to Naira Rate for Past 7 Days

Dollar to Naira Rate for Past 7 Days

How much is $100 USD in Naira now?

$100 (USD) to Naira now as today’s price is ₦75,000 for selling rate and buying rate is ₦76,000.

Factors Influencing Exchange Rates

Foreign exchange rates, those elusive numbers that define the value of currencies in a swirling world of financial jargon, are influenced by a myriad of captivating factors that shimmy and sway across the global economic stage. Like a sophisticated symphony, these factors contribute to the mesmerizing dance of currency fluctuations and movements. Let’s dive into the enchanting realm of factors that hold power to sway foreign exchange rates:

  • Interest Rates: The tantalizing allure of interest rates! The divergence between interest rates of different countries casts a bewitching spell on currency valuations. When interest rates rise, like a siren’s song, foreign investors flock to the shores of higher returns, thus bolstering the strength of the respective currency. Yet, when interest rates descend, capital escapes like whispers in the wind, leaving behind a trail of currency depreciation.
  • Inflation Levels: Behold the tango of inflation rates! The relative inflation levels of countries sway the delicate balance of exchange rates. Where inflation runs rampant, the purchasing power of a currency falters as if caught in a mystic spell, leading to a waltz of depreciation. However, in lands of milder inflation, a currency’s value may ascend like a phoenix from the ashes.
  • Economic Performance: The great performance of the economic stage! The rise and fall of currencies are influenced by a captivating ensemble of GDP growth, employment figures, trade balance, and fiscal policies. These actors set the stage, shaping market sentiment and igniting the fires of investor confidence, guiding the currencies’ fates.
  • Political Stability: The stately waltz of politics affects the delicate balance of exchange rates. A stable political climate invites investors to join a graceful ball, where confidence blossoms and foreign investments flourish, giving rise to a currency’s valour. Yet, in the tempestuous realm of political uncertainty, the tango turns bitter, driving capital away and casting a shadow of depreciation.
  • Current Account Deficit/Surplus: The rhythmic ebb and flow of the current account bring a twist to the exchange rate tango. A surplus, like a joyful embrace, speaks of successful exports and the inflow of foreign currency, bolstering the currency’s vigour. But a sombre melody lingers in the realm of deficits, putting pressure on the currency’s worth.
  • Government Debt: Ah, the weighty burden of government debt! High debt levels create a sense of unease in this waltz of finances, casting a pall over a currency’s value. Doubts arise, like haunting whispers, questioning a country’s ability to fulfil its obligations, causing the currency’s worth to wane.
  • Market Sentiment and Speculation: The ever-changing winds of market sentiment guide the currency tango. Geopolitical events, investor perceptions, and the whims of market psychology weave a web of uncertainty, fueling short-term fluctuations and the samba of speculation.
  • Central Bank Interventions: Ah, the elegant intervention of central banks! With their monetary wizardry and subtle manipulations, they possess the power to influence exchange rates. By adjusting interest rates, performing open market rituals, or gracefully stepping into the currency market, they can cast spells that sway the fate of currencies.

    • These factors, like characters in an enchanting tale, intertwine and influence one another in a mesmerizing dance. The foreign exchange market, an ever-changing realm where fortunes are made and lost, reflects the collective wisdom of market participants and the fascinating intricacies of our interconnected world.

    FAQs

    Q: How often do foreign exchange rates change?

    A: Foreign exchange rates can change frequently, sometimes even multiple times within a single day. They are influenced by various factors and can be volatile.

    Q: Can governments manipulate exchange rates?

    A: Governments can intervene in the foreign exchange market to influence their currency’s value, but long-term sustainable changes are challenging to achieve.

    Q: How do exchange rates impact travel expenses?

    A: Exchange rates determine the cost of converting one currency into another, affecting travel expenses for individuals visiting other countries.

    Q: Are exchange rates the same for all currencies?

    A: Exchange rates vary for different currency pairs based on their relative value in the forex market. Each currency has its own exchange rate against others.

    Q: Do all countries have their own currency?

    A: No, some countries share a common currency, such as the Eurozone countries using the euro. Shared currencies eliminate exchange rate fluctuations within the group.

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